Dollar rise in Egypt or not......
The price of the dollar in Egyptian banks rose today, Wednesday, coinciding with the International Monetary Fund's approval to disburse the fourth tranche of the loan granted to Egypt, which amounts to 1.2 billion dollars. The fund also approved granting Egypt an additional 1.3 billion dollars as part of the flexibility and sustainability program.
Egypt has witnessed austerity measures in recent months to reduce the budget deficit, which included cutting subsidies, raising the prices of fuel, transportation, and services, in addition to devaluing the pound by 40% and raising interest rates.
The fund approved modifying the targets for financial indicators and reducing the primary surplus to 4%, indicating an improvement in the exchange market and narrowing the gap between the official and parallel rates.
The dollar price recorded its highest level at Abu Dhabi Islamic Bank at 50.65 pounds for buying and 50.75 pounds for selling, while it reached 50.62 pounds for buying and 50.72 pounds for selling at the National Bank of Egypt, and at the Commercial International Bank, it was 50.64 pounds for buying and 50.74 pounds for selling.
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